Protecting Tenants at Foreclosure Act of 2009 allows the tenant to remain in a property that is in the foreclosure process for the remaining term of their lease, unless the bank that foreclosed on the property subsequently sells it to an owner-occupant purchaser (Law & Ethics, Florida Realtor Mar 2012). In that case the new owner is required to provide the tenant no less than 90 days written notice of lease termination. The Act is currently protecting tenants in foreclosure situations, however, the law will sunset in 2014 if further legislative action is not taken. As always, have the tenant seek advice from a licensed attorney. Know the market, ignorance is expensive. Call Sheryl DiCarlo 305.332.3256 before you make your next real estate move.
